Name: Coconut
Author: Coconut Platform

Digital Adoption

Help Desk

Web and Video Conferencing

Customer Support

Software Configuration Management

WebOps

Development

Higher Education

Education

Business Intelligence (BI)

Collaboration

File Sharing

Streaming Analytics

Visual Collaboration

VoIP

Enterprise

Accounting

Payment Orchestration

Finance and Accounting

Applicant Tracking

Corporate Learning Management

Employee Engagement

HR Management

Payroll

Recruitment Agency

Talent Intelligence

Talent Management

Workforce Analytics

Workforce Management

Human Resources

Bug Bounty

C/C++ Integrated Development Environments

Cloud Storage

Data Recovery Service

Database Management

Enterprise Architecture Management

Fraud Detection

Hadoop-Related

High Availability Cluster

Identity Governance and Administration

Integration Platform as a Service (iPaaS)

IoT Security

MLOps

Network Performance Monitoring

Network Virtualization

Non-Relational Databases

Process Mining

Session Border Controllers

Threat Hunting

Web Access Management

Web Portal

Information Technology

A/B Testing

Ad Serving & Retargeting

All-in-One Marketing

Consumer Ratings & Reviews

Content Management

Customer Reference Management

Demand Generation

Email Marketing

Email Testing

Local Listing Management

Marketing Automation

Personalization Engines

Retail Media Advertising

SMS Marketing

Social Media Management

Survey & Forms Building

Video

Web Analytics

Marketing

Project Management

Prototyping

Professional Services

Conversation Intelligence

Customer Relationship Management (CRM)

Multichannel Retail

Sales

Insurance Underwriting and Rating

Library Management

Medical Billing

Military and Defense

Moving Software

OSS/BSS (Operations Support/Business Support)

Vertical-Specific

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Coconut is an accounting and tax app designed for self-employed individuals, sole traders, and landlords. According to the vendor, this platform helps users manage their finances, track income and expenses, generate professional invoices, and prepare and file their tax returns. With features such as work from home allowance calculation, digital record-keeping and reporting, and integration with accountants, Coconut aims to be a valuable tool for self-employed individuals, sole traders, freelancers, and landlords across various professions and industries.

## Key Features

**Self Assessment Tax Return Preparation**: According to the vendor, Coconut helps users prepare and complete their Self Assessment tax returns by providing guidance on income declaration and expense claims. The app calculates the tax owed and generates the necessary forms, aiming to ensure users are aware of important deadlines.

**Income and Expense Tracking**: Coconut allows users to easily track their income and expenses, categorize transactions, and upload receipts. With real-time syncing of bank accounts, users can generate reports for a clear overview of their financial activity, making it easier to manage their finances and prepare for tax time.

**Tax Calculation and Estimation**: According to the vendor, Coconut calculates users' tax liability based on their income and expenses, taking into account current tax rates and allowances. The app provides an estimated tax bill, allowing users to plan and set aside funds for tax payments, as well as simulate different scenarios to understand the potential impact of changes.

**Payment Reminders and Notifications**: Coconut sends users reminders and notifications about important tax deadlines and events. Users can set custom reminders to avoid missing any crucial dates, aiming to help them stay on top of their tax obligations.

**Integration with Accountants**: Coconut allows users to invite their accountants to access their financial data directly through the app. Accountants can review and verify the accuracy of the information, provide tax planning guidance, and assist with tax return completion, aiming to streamline collaboration and provide professional advice.

**Work from Home Allowance Calculator**: According to the vendor, Coconut offers a Work from Home Allowance Calculator for self-employed individuals operating as sole traders in the UK. Users can calculate their work from home allowance based on home expenses and the number of rooms and hours used for business, potentially reducing their tax bill.

**Digital record-keeping and reports**: Coconut supports digital record-keeping and reporting, aiming to comply with Making Tax Digital for Income Tax requirements in the UK. Users can keep digital records of business income and expenses, connect bank accounts for automatic transaction import, and generate reports for digital submission to HMRC.

**Professional, branded invoices**: Coconut enables users to create professional, branded invoices with customizable templates. Users can track invoice status and send reminders for unpaid invoices, aiming to improve cash flow management and maintain a professional image.

**Expense tracking and categorization**: Coconut helps users track and categorize business expenses, allowing for accurate financial reporting. Users can attach receipts and records to individual expenses, aiming to ensure compliance with HMRC requirements and optimize cost management.

**Tax return preparation**: Coconut aims to simplify the process of preparing tax returns for self-employed individuals. The app provides tools to gather and organize financial information, generate reports for calculating taxable income and claiming deductions, aiming to ensure compliance and reduce the risk of errors or omissions.

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Coconut

1 in 3 accounting software users find it difficult to choose the right tool. Find the best solution for you.

The Buyer’s Guide to Accounting Software

Software for tracking revenues and expenses and forecasting future revenue.

Coconut Platform

General Ledger and Configurable Accounting

Financial management solution, including capabilities for general ledger and configurable accounting

Accounts payable

This includes the automation and tracking of payment to vendors and suppliers, with features such as payment scheduling, check printing, open purchase order alerts, document management, direct ACH bill payment, and vendor records.

Accounts receivable

This includes the management and automation of invoices and collections, with features like statements, invoices, receipts, payment reminders, customer records, auto billing, and refund checks.

Cash management

The software provides a complete picture of a company’s cash flows, streamlines payment processing, and includes cash forecasting.

Bank reconciliation

The software connects to a company’s financial institutions in order to reconcile accounting records with checking, savings and credit card accounts. Often month and year closing capabilities are included.

Expense management

The software can log and track business expenses and reimbursements, including travel-related expenses, with the ability to tie them to particular projects.

Time tracking

The software can track billable and non-billable employee time by project.

Fixed asset management

This includes the ability to track fixed assets (e.g., laptops), including location, check-in and check-out, maintenance scheduling, audit history, specialized property tax period reports, cost and depreciation.

Multi-currency support

The software supports transactions across multiple currencies.

Multi-division support

The software is flexible and supports bookkeeping practices along multiple dimensions such as locations, branches or products.

Regulations compliance

The software helps users adhere to typical accounting standards and regulations such as IFRS, GASB, or GAAP.

Electronic tax filing

The software provides a full electronic interface for the filing of repeatable taxes, such as payroll or sales tax.

Self-service portal

The software provides online portals for certain stakeholders to find information relevant to them, such as employees, vendors and customers.

Global Financial Support

Account using multiple ledgers, multiple currencies, and multiple entities

Primary and Secondary Ledgers

Record and report across multiple currencies and accounting standards with primary and secondary ledgers

Intercompany Accounting

Automatically balance and reconcile GL for intercompany transactions

Localizations

Meet reporting requirements with country-specific localizations

Journals and Reconciliations

Automate and synchronize ledgers and processes

Enterprise Accounting

Create accounting for disconnected ERP and non-accounting source systems

Configurable Accounting

Configure accounting rules and segments for each chart of accounts

Centralized Rules Framework

Integrate disparate ERP and transactional systems into single ERP instance

Standardized Processes

Centralize financial management to facilitate standardized financial processes

Inventory Management

The ability to track and manage the flow of goods or materials into and out of an inventory.

Inventory tracking

The software syncs orders and stock to maintain a real-time picture of inventory and supports multiple methods such as LIFO and FIFO.

Automatic reordering

The software can be set up to automatically reorder a good when it falls below a certain threshold.

Location management

The software can track multiple goods across multiple locations.

Manufacturing module

The software helps track and manage raw materials, work-in-progress items, and finished goods.

Order Management

The ability to process orders, and track them from quote to cash.

Pricing

Users can set up complex and unique pricing requirements.

Order entry

Users can enter an order once, and the data flows to all the necessary units such as fulfillment and billing.

Credit card processing

The software facilitates credit card processing.

Cost of goods sold

The software calculates the direct costs attributable to a finished product, such as materials and labor, and includes roll-up pricing.

Order Orchestration

Define and execute order fulfillment processes for products as well as services on the same order.

End-to-end order visibility

Get updates on orders, inventory, shipments, planned supply, and invoices, and improve the quality of decisions through in-context analytics

Order exception Resolution

Monitor fulfillment tasks and resolve issues, view and evaluate varios options via what-if analysis and define and enforce change order rules

Payroll Management

Provides for pay calculation and benefit plan administration, in addition to managing direct deposit, salary revisions and payroll tracking.

Pay calculation

Pay calculation provides for computation of employee pay with state and federal deductions.

Benefit plan administration

Benefit plan administration is administration of health insurance plans and 401k plans, and other benefits.

Direct deposit files

Direct deposit is the ability to electronically transfer pay to an employee’s personal bank account.

Salary revision and increment management

Salary revision is the ability to modify individual employee pay.

Reimbursement management

Reimbursement management provides cash reimbursement for employee expenses related to business travel or other.

Reporting & Analytics

Users can report on and analyze usage, performance, ROI, and/or other metrics of success.

Dashboards

Users can create, customize and share dashboards, which provide an overview of the most important metrics.

Standard reports

The software offers pre-built reports with metrics standard to the category.

Custom reports

Customization

This addresses a company’s ability to configure the software to fit its specific use case and workflow.

API for custom integration

An API (application programming interface) provides a standard programming interface for connecting third-party systems to the software for data creation, access, updating and/or deletion.

Plug-ins

A number of third-party plug-ins are available to expand the core functionality of the software.

Coconut

Overview

What is Coconut?